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If I'm right, basically products were taxed at each stage of their life cycle?
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Indeed.
(wikipedia: )
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A cascade tax or cascading tax is a turnover tax that is applied at every stage in the supply chain, without any deduction for the tax paid at earlier stages. Such taxes are distorting in that they create an artificial incentive for vertical integration.
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I was so sure this thread was going to be about the British media scandals.
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Enh. It can be whatever you like. Really, I just wanted to bitch about how commercials swayed public opinion to vote for higher taxes (by voting out the lower tax system) without even realizing exactly what it is they were voting for,and how completely dumb I find that.